About Us

Our Story

We are a member-owned, not-for-profit, cooperative financial institution offering a full range of financial products and services.

As a cooperative institution, everyone that uses our services is both a member and owner and has a say in how the credit union operates.

Members elect volunteer board committees to oversee the credit union. The CEO/General Manager reports to the board and is responsible for managing the day-to-day business of the credit union.

Because credit unions aren’t focused on making a profit, we’re able to offer better access to loans and higher earnings on savings. In contrast, banks are for-profit entities with all profits benefitting bank shareholders. As an institution that is “Not for profit, not for charity, but for service”, we are focused on maximizing value for our members and our community.

A Legacy of Financial Empowerment

Founded in 1972 by the leaders of the Bermuda Industrial Union (BIU), the Bermuda Credit Union stands as a testament to cooperative financial empowerment.

As the only financial cooperative in Bermuda, we are proud to serve over 6,000 members, managing assets totaling more than $35 million. Partnerships with various community organizations and initiatives for young savers, like our CU-CLUBBS accounts, underscore our commitment to financial literacy and community development for generations to come.

Global Connections, Grassroots Impact

The idea of group economics – or communities coming together to financially empower themselves – stretches back thousands of years, as seen through traditions such as “club hand”, “susu”, and other rotating savings methods used in early societies throughout West Africa and across the globe.

However, the modern-day credit union structure dates back to the 19^thcentury, with the establishment of credit societies in response to crop failure and famine across Europe.

Credit Unions eventually came to be known as “People’s Banks”. Today, our affiliation with the World Council of Credit Unions places us in a global network of nearly 90,000 credit unions worldwide, with a combined membership exceeding 394 million persons across 118 countries.

The World Council of Credit Unions is organized into regional bodies across the globe, known as Confederations. The Bermuda Credit Union Co-op Society is proudly aligned with the Caribbean Confederation of Credit Unions, deepening our regional ties and access to partnerships and support.

Expanding Our Reach

Since 2008, we’ve expanded our reach beyond our traditional base, partnering with other unions such as the Bermuda Union of Teachers and Bermuda Public Services Union, in addition to other associations and institutions.

In 2017, the Bermuda Credit Union Co-op Society changed its name from the B.I.U. Members Credit Union to the Bermuda Credit Union, reflecting the widening of the common bond of membership to include sister unions and other community organizations.

The common bond was further widened in December 2023, when the membership of the Bermuda Credit Union voted at its Annual General Meeting to open itself up to all of Bermuda.

At Bermuda Credit Union, we’re more than a financial institution – we’re a community of members committed to building a prosperous and sustainable future for all of Bermuda.

Vision & Mission

To be the financial institution of choice for all persons living and working in Bermuda.

This means we aim to deliver the highest quality of member service, marked by a sense of innovation, warmth, individual pride, and community spirit.

Our commitment extends to all community members, providing a cooperative hand not only to those striving to meet their financial goals but also to those who have already achieved them. We are especially dedicated to empowering those traditionally overlooked by the financial system.

In doing so, we stand as a unifying and complementary force, in pursuit of cooperation within the pluralist system where all financial institutions must co-exist.

Building relationships within our community and earning and maintaining the trust of our members is paramount.

About Credit Unions

Credit unions are not-for-profit financial institutions that are owned by their members and democratically governed by volunteer committees. The members elect directors who set policy and hire staff for day-to-day management of operations. Any profit or surplus from the Credit Union’s activities belongs to the membership and is used to benefit all members equally, not a group of private stockholders.

The Co-operative Model

The co-operative model is the underlying structure of credit unions, which are owned and controlled by their members.

This model is based on the seven credit union co-operative principles of:

Voluntary and Open Membership;
Democratic Member Control;
Member Economic Participation;
Autonomy and Independence;
Education, Training and Information;
Cooperation Among Cooperatives; and
Concern for Community.

A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.

A credit union is a member-owned financial co-operative, democratically controlled by its members, and operated for the purpose of maximizing the economic benefit of its members by providing financial services at competitive and fair rates.

Credit Unions were originally called People’s Banks, established to provide financial support for the people, by the people. They have always worked to promote the goal of empowering communities outside the traditional financial system.

Within the Caribbean, there are 386 Credit Unions across 19 territories with assets in aggregate of US $7 billion. BCU is the only credit union in Bermuda, with an asset size of over $35 million and serving the financial needs of over 6,000 conscientious, ambitious and proud members.

Credit Unions today, though autonomous, operate under the 7 Cooperative Principles set by the International Cooperative Alliance. These, along with Prudential Standards set by the World Council of Credit Unions in accordance with BASEL II, are what credit unions like BCU are bound to and measured by.

Leadership & Governance

Credit unions are governed by a democratic committee system. These committees are made up of volunteer members elected at Annual General Meetings and are essential for overseeing operations, managing risks, and ensuring the satisfaction of all members.

Board of Directors

The Board of Directors holds the highest level of decision-making authority within a credit union. This group is responsible for setting policies, approving budgets, and determining the strategic direction of the institution. They ensure the credit union adheres to all applicable laws and regulations while serving the best interests of its members.

Contact the Board: Email boardsecretary@bcu.bm

Renee Jones
President & Board Chair

Cordell Riley
1st Vice President

Dr. Michael Charles
2nd Vice President

Gershon Gibbons
Treasurer

Shakia Smith
Secretary

Chris Furbert

Helena ‘Molly’ Burgess

Anthony Wolffe

Tina Wilson

Kryshae Furbert-Wilson

Jahde Eve

Lanan Bascome